New Cryptocurrency Sanctions Law Defends People’s Right to Buy Bitcoin

Headlines

▌EU Parliament approves legislation applicable to cryptocurrencies New sanctions laws

The European Parliament approved a series of new sanctions laws that also apply to cryptocurrencies. The new rules are intended to ensure uniform application of sanctions across the EU's 27 member states in response to growing concerns over Russia's invasion of Ukraine and breaches of EU sanctions against Russia. The new law provides for a consistent definition of sanctions violations, including failure to freeze funds, failure to comply with travel bans or arms embargoes, transfers of funds to sanctioned persons, or transactions with state-owned entities in sanctioned countries.

▌JPMorgan Chase CEO: Will defend people’s right to buy Bitcoin

JPMorgan CEO Jamie Dimon said that despite his reservations about Bitcoin, he would still defend people's right to buy the asset if they choose. He personally will never buy Bitcoin. He said, I defend your right to smoke, and I will defend your right to buy Bitcoin, and I do think that if you are a buyer, when the government looks at all these things, why should they put up with it?

Quotes

As of press time, according to coinmarketcap The data shows:

BTC's recent transaction price was US$71,414.1, with intraday increases and decreases< strong>-1.23%;

ETH’s recent transaction price was US$3965.01, with intraday gains and losses< span style="color: rgb(255, 0, 0);">-2.79%;

BNB’s recent transaction price was US$538.87, with an intraday increase or decrease+3.14% strong>;

ORDI’s recent transaction price was US$82.56, with intraday gains and losses+7.62%;

DOGE’s latest transaction price was US$0.1677, intraday Increase or decrease-6.30%;

SOL’s recent transaction price was US$149.70, with intraday gains and losses +0.61%.

Policy

< strong>▌UK Treasury seeks to improve anti-money laundering through cryptocurrency regulatory reform

Golden Finance Report, UK Treasury The Ministry of Finance has released a consultation paper on changes to money laundering regulations that will impact the regulation of crypto assets in a number of ways. The proposed changes arise from a review of the Money Laundering, Terrorist Financing and Transfer of Funds (Payer Information) Regulations 2017 (MLR) in 2022. The changes now proposed pursue “smarter regulation”: “This includes minimizing regulatory burdens and future-proofing regulation, making regulation a last resort rather than a first choice, and ensuring regulators are well-functioning, responsive and accountable. ” The document adds that “regulatory authorities can only function with the support of a strong regulatory system”.

Blockchain Application

▌TrueUSD: The BNB beacon chain will cease operations at the end of June, and all assets on the chain will be delisted at the same time

The US dollar stable currency TrueUSD is on social media The media stated that BEP2-TUSD holders should note that the BNB beacon chain will cease operations at the end of June, and all assets on the chain will be delisted at the same time. To mitigate potential losses, we strongly recommend that you switch TUSD to an alternative network immediately. Your actions are critical to protecting your assets.

▌Starknet main network will be upgraded to 0.13.1 to save costs

The Starknet Foundation is introducing optimizations in parallel with the Ethereum Dencun upgrade aimed at significantly reducing transaction fees on the layer 2 network. These include today’s release of version 0.13.1 of Starknet, which will take advantage of EIP-4844 after Dencun goes live on mainnet tomorrow. This update will move Starknet from using the more expensive "calldata" method for data transactions to the cost-effective "blob" transaction type, providing a direct path to fee reductions. Also known as EIP-4844 (or proto-danksharding), these blob transactions are scheduled to go live on the Ethereum mainnet and activate the Dencun upgrade tomorrow at 13:55 UTC 269568. Blobs will be an add-on feature on the network, increasing data availability without impacting existing Ethereum infrastructure, enabling cheaper transactions in layer 2 aggregations like Starknet.

Cryptocurrency

Grayscale filed an S-1 form with the U.S. Securities and Exchange Commission on Tuesday to register its new mini version of GBTC, named Grayscale Bitcoin Mini Trust. According to the S-1 filing, the Mini Trust (ticker: "BTC") will be "spun off" from GBTC, and after GBTC contributes a certain number of Bitcoins to the Mini Trust, the new shares of the Mini Trust will be distributed to GBTC shareholders. If approved, the Mini Trust will be listed on the New York Stock Exchange and operate independently from GBTC.

▌Bernstein: Bitcoin is expected to reach $150,000 this year

Bitcoin prices just hit an all-time high, with Bitcoin expected to hit $150,000 this year, according to global investment firm Bernstein. The firm said in a report that the influx of cash into newly approved ETFs will ensure that Bitcoin’s value continues to rise. Gautam Chhugani and Mahika Sapra wrote in the report that the integration of Bitcoin into traditional asset portfolios is still in its early stages. We are now more convinced of the $150,000 Bitcoin price. It is expected that there will be an inflow of US$10 billion in 2024 and US$60 billion in 2025. Bitcoin ETF inflows have exceeded $9.5 billion in the past 40 trading days since the ETF was launched on January 10. Bernstein pointed out that traditional capital pools such as individual retirement accounts, private banks and sovereign countries do not yet have exposure through ETFs. When they do this, the value of the asset will only continue to rise.

▌Citadel founder: Cryptocurrencies need clear regulation to attract “big players”

Cryptocurrency needs clear regulation to attract "big players", said Griffin, founder of quantitative trading giant Citadel.

Important Economic Updates

▌The U.S. CPI rose 3.2% year-on-year in February, higher than expected

Golden Finance reported that the U.S. CPI rose 3.2% year-on-year in February, the highest level in December last year The CPI in the United States increased by 0.4% month-on-month in February, with the forecast value being 3.1%, and the previous value being 0.3%. The non-seasonally adjusted core CPI in the United States increased by 3.8% year-on-year in February, a new low since May 2021. It is expected to be 3.70%, and the previous value was 3.90%; the core CPI in the United States in February increased by 0.4% month-on-month, and it was estimated to be 0.30%, and the previous value was 3.90%. is 0.40%.

▌NVIDIA rose more than 5% intraday, and the stock price regained US$900

Golden Finance reported that NVIDIA rose more than 5% intraday, and its stock price regained US$900, now quoted at US$901.18.

Golden Encyclopedia

▌What determines the price of Bitcoin?

Market forces of supply and demand affect the price of Bitcoin. When there are more sellers, prices usually go down and vice versa. Bitcoin prices are also affected by factors such as media reports, investor sentiment, and regulatory news, leading to rapid price fluctuations. Supply and demand market dynamics that affect the prices of other goods and services also determine the price of Bitcoin.  

Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and not as actual investment advice. Please establish a correct investment philosophy and be sure to increase your risk awareness.